Bitcoin price has been trading with a bearish bias for the last two months and in the process, it found a key support at the $27000-$26786 level. Over the past few days, there has been a rebound from this level which suggests that buyers may take control of the price. Due to this, the world’s largest cryptocurrency is likely to see a 5% uptick, considering the breakout above the overhead trendline which is leading the current correction. Furthermore, if the price fails to break above this point, Bitcoin holders could be in for a long correction phase. Moving Average convergence/divergence (MACD) and Exponential Moving Average (EMA) corroborate the bearish notion conveying an increase in selling pressures. Despite these bearish indicators, traders must keep the key support of $27000-$26786 intact in order to maintain the bullish momentum in Bitcoin.
Ethan Garcia
- 2023-05-15
Bitcoin Price Rebounding At Key Support Level
Bitcoin price has been trading with a bearish bias for the last two months and in the process, it found a key support at the $27000-$26786 level. Over the past few days, there has been a rebound from this level which suggests that buyers may take control of the price.
